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- US: Employer Costs for Employee Compensation (Q2)
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Economy in Brief
Empire State Manufacturing Index Eases; Prices Improve
The Empire State Manufacturing Index of General Business
Conditions declined to 19.0 during September from 25.6 in August
British Chamber of Commerce Cuts Forecasts
The British Chamber of Commerce (BCC) today announced cutting its outlook for the UK economy...
U.S. Retail Sales Edge Higher
Total retail sales improved 0.1% (6.6% y/y) during August
following a 0.7% July gain...
U.S. Government Budget Deficit Widens Sharply
Faster growth in spending and a lessened increase in revenues
is a sure formula for widening the budget deficit...
U.S. Industrial Production Posted Solid Increase in August
Industrial production increased a solid 0.4% m/m (4.8% y/y) in August ...
by Tom Moeller November 27, 2007
On average, retail gasoline prices last week held at the prior period's level of $3.10 per gallon, according to the US Department of Energy survey.
Divided by consumer prices other than energy, these gasoline prices are just below the high reached in 1981.
Yesterday, prices for spot WTI crude oil stood at $97.71 per barrel, down slightly from last week's average.
In perhaps a favorable sign for home heating bills this season, natural gas prices continued the move sideways at the high end of the recent $6.5 - $7.5 per mmbtu range (-0.3% y/y).
Gold prices continued to hover around the $800 per ounce level and the level surpassed the previous record price reached in early 1980.
Oil Shocks and Price Stability from the Federal Reserve Bank of St. Louis is available here.
| Weekly Prices | 11/26/07 | 11/19/07 | Y/Y | 2006 | 2005 | 2004 |
|---|---|---|---|---|---|---|
| Retail Gasoline ($ per Gallon) | 3.10 | 3.10 | 37.9% | 2.57 | 2.27 | 1.85 |
| Light Sweet Crude Oil, WTI ($ per bbl.) | 98.83 | 91.18 | 70.3% | 61.11 | 58.16 | 41.78 |
| Gold: Handy & Harmon ($ per Troy Oz.) | $795.50 | $804.25 | 27.4% | 628.70 | $507.40 | $443.40 |
